Proposed Amendment of the Articles of Agreement Regarding Basic Votes - Preliminary Considerations

Policy Papers ◽  
2006 ◽  
Vol 2006 (68) ◽  
Author(s):  
Keyword(s):  
International Monetary Fund ◽  
Low Income ◽  
Low Income Countries ◽  
Executive Board ◽  
Voting Power ◽  
Board Of Governors ◽  
Reform Program ◽  
Specific Proposal ◽  
The International Monetary Fund

Paragraph 4 of the Board of Governors Resolution on Quota and Voice Reform in the International Monetary Fund, which was adopted effective September 18, 2006 (Resolution 61-5), addresses issues relating to the reform of basic votes in the Fund. Specifically, it provides as follows: “As an integral part of the reform program, and together with its recommendations for increases in quotas under paragraph 3, the Executive Board is requested to propose to the Board of Governors an amendment of the Fund’s Articles of Agreement that would: (a) provide for at least a doubling of the “basic” votes that each member possesses pursuant to Article XII, Section 5(a) of the Fund’s Articles of Agreement, and thereby at a minimum protect the existing voting share of low income countries as a group and (b) ensure that the ratio of the sum of the “basic” votes of all members to the sum of members’ total voting power remains constant following the increase under (a) above in the event of any subsequent changes in the total voting power of members. The Executive Board is requested to put forward a specific proposal by the Annual Meetings in 2007, and no later than the Annual Meetings in 2008.” This paper is intended as a first step in facilitating the Executive Board’s response to the above request of the Board of Governors. Specifically, it discusses the design of an amendment of the Articles that would ensure that the ratio of the sum of the basic votes of all members to the sum of members’ total voting power remains constant, as called for in paragraph 4(b) of Resolution 61-5, and identifies implications of such an amendment.

scholarly journals Catastrophe Containment and Relief Trust

Policy Papers ◽  
2020 ◽  
Vol 20 (17) ◽  
Author(s):  
Keyword(s):  
Public Health ◽  
Natural Disasters ◽  
International Monetary Fund ◽  
Low Income ◽  
Low Income Countries ◽  
Direct Response ◽  
Executive Board ◽  
Public Health Emergencies ◽  
Fast Spreading ◽  
The International Monetary Fund

In direct response to the COVID-19 crisis the International Monetary Fund (IMF) Executive Board has adopted some immediate enhancements to its Catastrophe Containment and Relief Trust (CCRT) to enable the Fund to provide debt service relief for its poorest and most vulnerable members. The CCRT enables the IMF to deliver grants for debt relief benefiting eligible low-income countries in the wake of catastrophic natural disasters and major, fast-spreading public health emergencies.

Selected Decisions and Selected Documents of the International Monetary Fund, Forty First Issue Supplement

2021 ◽  
Author(s):  
Keyword(s):  
United Nations ◽  
International Monetary Fund ◽  
International Organizations ◽  
Executive Board ◽  
Second Amendment ◽  
Board Of Governors ◽  
The International Monetary Fund ◽  
Frequent Reference ◽  
Made In ◽  
The Imf

This volume is the Forty-First Issue of Selected Decisions and Selected Documents of the IMF. It includes decisions, interpretations, and resolutions of the Executive Board and the Board of Governors of the IMF, as well as selected documents, to which frequent reference is made in the current activities of the IMF. In addition, it includes certain documents relating to the IMF, the United Nations, and other international organizations. As with other recent issues, the number of decisions in force continues to increase, with the decision format tending to be longer given the use of summings up in lieu of formal decisions. Accordingly, it has become necessary to delete certain decisions that were included in earlier issues, that is, those that only completed or called for reviews of decisions, those that lapsed, and those that were superseded by more recent decisions. Wherever reference is made in these decisions and documents to a provision of the IMF’s Articles of Agreement or Rules and Regulations that has subsequently been renumbered by, or because of, the Second Amendment of the Fund’s Articles of Agreement (effective April 1, 1978), the corresponding provision currently in effect is cited in a footnote.

Quota and Voice Reform - Stocktaking and Further Considerations, Statistical Appendices I and II, Statement by the Managing Director, and Summing Up of the Board Meeting

Policy Papers ◽  
2007 ◽  
Vol 2007 (47) ◽  
Author(s):  
Keyword(s):  
Low Income ◽  
Global Economy ◽  
World Economy ◽  
Emerging Market ◽  
Low Income Countries ◽  
Board Meeting ◽  
Executive Board ◽  
Board Of Governors ◽  
New Formula ◽  
The Voice

At its Spring Meeting, the IMFC reiterated the importance of implementing the program of quota and voice reforms in line with the timetable set out by the Board of Governors in Singapore. The Committee welcomed the initial informal Board discussions on a new quota formula and stressed the importance of agreeing on a new formula, which should be simple and transparent and should capture members’ relative positions in the world economy. It noted that this reform would result in higher shares for dynamic economies, many of which are emerging market economies, whose weight and role in the global economy have increased. The Committee also stressed the importance of enhancing the voice and participation of low-income countries, a key issue for which is an increase in basic votes, at a minimum preserving the voting share of low-income countries. The Committee called on the Executive Board to continue its work on the reform package as a matter of priority.

Report of the Managing Director to the International Monetary and Financial Committee on the IMF's Policy Agenda

Policy Papers ◽  
2006 ◽  
Vol 2006 (57) ◽  
Author(s):  
Keyword(s):  
Exchange Rate ◽  
Low Income ◽  
Low Income Countries ◽  
Policy Agenda ◽  
Medium Term ◽  
Executive Board ◽  
The Past ◽  
Board Of Governors ◽  
Key Aspects

This report provides an update on the work and direction of the Fund since the 2006 Spring Meetings and for the period ahead. Over the past six months work has concentrated on implementing key aspects of the Medium-Term Strategy (MTS), especially in the areas of surveillance and quotas and voice. In surveillance, the new multilateral consultation has been launched, the Board is reviewing the Fund’s general decision on surveillance (the 1977 Decision on Surveillance over Exchange Rate Policies), and it has discussed the possibility of setting a remit for surveillance based on a set of objectives and priorities. Progress is being made on quotas and voice and specific proposals are contained in the report and resolution from the Executive Board to the Board of Governors. Work in other areas has focused on the role of the Fund in emerging markets and low-income countries (LICs), building institutions and capacity, and managing an effective institution.

International Monetary Fund

1964 ◽  
Vol 18 (4) ◽  
pp. 855-859 ◽  
Keyword(s):  
International Monetary Fund ◽  
Annual Report ◽  
Fiscal Year ◽  
Executive Directors ◽  
Executive Board ◽  
Board Of Governors ◽  
The International Monetary Fund

On July 2, 1964, the Chairman of the Executive Board, Pierre-Paul Schweitzer, transmitted to the Board of Governors the nineteenth annual report of the International Monetary Fund (IMF) Executive Directors for the fiscal year ended April 30, 1964.

scholarly journals Reform of Quota and Voice in the International Monetary Fund-Draft Report of the Executive Board to the Board of Governors

Policy Papers ◽  
2008 ◽  
Vol 2008 (20) ◽  
Author(s):  
Keyword(s):  
International Monetary Fund ◽  
Executive Board ◽  
Draft Report ◽  
Board Of Governors ◽  
The International Monetary Fund

This report sets out a proposal for a second-round package of reforms consistent with the framework agreed in the Singapore Resolution and, to that end, recommends that the Board of Governors approve the resolution that is appended to this Report (the "Resolution").

scholarly journals Report of the Managing Director to the International Monetary and Financial Committee on a New Income and Expenditure Framework for the International Monetary Fund

Policy Papers ◽  
2008 ◽  
Vol 2008 (54) ◽  
Author(s):  
Keyword(s):  
International Monetary Fund ◽  
Medium Term ◽  
Executive Board ◽  
Board Of Governors ◽  
Income Model ◽  
Spending Cuts ◽  
The International Monetary Fund

The October 2007 Communiqué of the IMFC called on the Executive Board to develop specific proposals on a new income model and a new expenditure framework by the time of the 2008 Spring Meetings. On April 7, 2008, the Executive Board endorsed a new income model for the Fund and considered a new medium-term budgetary envelope for financial years 2009–11, which includes deep spending cuts, and approved administrative, restructuring, and capital budgets for financial year 2009. As a key element of this new income-expenditure framework, the Executive Board ecommended the adoption by the Board of Governors of an amendment of the Articles of Agreement to expand the Fund’s investment authority. The Executive Board’s recommendation was sent to the Board of Governors, with the voting period running through 6:00 p.m., Washington time, May 5, 2008.

International Monetary Fund

1964 ◽  
Vol 18 (1) ◽  
pp. 193-196 ◽  
Keyword(s):  
International Monetary Fund ◽  
Annual Report ◽  
Balance Of Payments ◽  
Fiscal Year ◽  
Upward Trend ◽  
Executive Board ◽  
Industrial Countries ◽  
The United Kingdom ◽  
Board Of Governors ◽  
The International Monetary Fund

The eighteenth annual report of the International Monetary Fund (IMF) for the fiscal year ending April 30, 1963, was transmitted to the Board of Governors on July 11, 1963, by the Acting Chairman of the Executive Board, Mr. Frank A. Southard, Jr. Summarizing the world payments situation, the report indicated that economic activity continued during 1962 to expand in most industrial countries. Exceptions to this general upward trend were recorded in the United Kingdom and Japan and were seen partly as the result of policies directed toward strengthening the balance of payments. In both 1961 and 1962 the value of world trade was some 5 percent higher than in the preceding year, and in 1962 the increase in the value of exports of primary producing countries as a group almost kept pace with that of the manufacturing countries, although declines in the prices of certain products adversely affected some nations.

International Monetary Fund

1949 ◽  
Vol 3 (4) ◽  
pp. 714-717
Keyword(s):  
Annual Meeting ◽  
International Monetary Fund ◽  
International Bank ◽  
Board Of Governors ◽  
The International Monetary Fund

The fourth annual meeting of the Board of Governors of the International Monetary Fund was held in Washington from September 13 to 16, 1949 with Pierre Mendes-France, chairman of the Board of Governors of the Fund, presiding. The first, third and fifth sessions were joint meetings with the International Bank for Reconstruction and Development.

scholarly journals Adding Fuel to Fire: How IMF demands for austerity will drive up inequality worldwide

2021 ◽  
Author(s):  
Nona Tamale
Keyword(s):  
Civil Society ◽  
International Monetary Fund ◽  
Low Income ◽  
Uneven Distribution ◽  
Vulnerable Groups ◽  
Health Crisis ◽  
Global Institutions ◽  
Briefing Paper ◽  
The International Monetary Fund ◽  
The Imf

The COVID-19 pandemic has dealt a huge blow to every country, and many governments have struggled to meet their populations’ urgent needs during the crisis. The International Monetary Fund (IMF) has stepped in to offer extra support to a large number of countries during the pandemic. However, Oxfam’s analysis shows that as of 15 March 2021, 85% of the 107 COVID-19 loans negotiated between the IMF and 85 governments indicate plans to undertake austerity once the health crisis abates. The findings in this briefing paper show that the IMF is systematically encouraging countries to adopt austerity measures once the pandemic subsides, risking a severe spike in already increased inequality levels. A variety of studies have revealed the uneven distribution of the burden of austerity, which is more likely to be shouldered by women, low-income households and vulnerable groups, while the wealth of the richest people increases. Oxfam joins global institutions and civil society in urging governments worldwide and the IMF to focus their energies instead on a people-centred, just and equal recovery that will fight inequality and not fuel it. Austerity will not ‘build back better’.

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